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Foreign exchange market: The euro slips again, the pound sterling is running out of steam

28/10/2022
Categories: Economy/Forex

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Despite the ECB's new currency roundup, when the greenback was still benefitting from good American growth figures, the euro was trading below parity with the dollar. Indeed, it was losing 0.11% against the greenback, around 09:50 GMT (11:50 CET), at 0.9953 dollars. Despite the new round of currency given by the European Central Bank (ECB) on Thursday, with interest rates rising by 0.75 percentage points, the single currency was worth less than one dollar.

The yen traded 0.97% against the greenback, at 147.73 yen to the dollar. The pound was still ready to record its third consecutive weekly gain, its longest positive streak since February. However, it slipped against the dollar on Friday. The pound was down 0.2% to 86.39 pence against the euro.

For its part, in the morning exchanges, the rand weakened against the dollar ahead of the fiscal balance data. It was trading at 18.0100 against the dollar, 0.18% lower than its previous close at 06:32 GMT. On the local currency side, it stabilized on Thursday.

On the same day, the ruble strengthened, oscillating between 61 and 62 against the dollar. While Russian stocks have pulled out of a peak of more than a month, investors are waiting for the central bank's interest-rate meeting.

The ruble rose by 0.3% against the dollar at 61.55 at 07:07 GMT and gained 0.7% to trade to 61.29 against the euro, having strengthened by 0.3% against the yuan to 8.45.

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